Foreign companies eyeing investment in Turkey, says Nebati

ISTANBUL

Foreign companies want to seize opportunities Turkey offers and invest in the country, Finance and Treasury Minister Nureddin Nebati has said.

Speaking at a gathering with businesspeople organized by the Istanbul Chamber of Commerce (İTO), Nebati recalled that he attended the G20 finance ministers’ summit recently and held a series of meetings with the executives of the world’s leading companies.

“We provided [the companies with] detailed information about the investment opportunities in Turkey. We stressed that with its young and dynamic population, the comprehensive policies in place and the actions taken in a determined manner, [the country’s] capacity to cope with global problems is increasing by the day,” the minister said.

Feedback from investors’ meetings held in London and Washington signals that capital inflows to Turkey are likely to increase in the period ahead, according to the minister.

Nebati added that the government does not pretend that the problems did not exist.

“We do not sweep [the problems] under the carpet. We are working to find permanent solutions and go on our path by making strategic moves,” the minister said.

Over the last 20 years, Turkey has managed to diversify its export markets and products it sells to foreign countries, Nebati stressed.

“Despite the ongoing war [between Russia and Ukraine] exports hit an all-time high for the month of March. More importantly, the export-import coverage ratio, when energy imports excluded, climbed from 74.5 percent in 2013 up to 98.2 percent.”

The cost of imported energy distorts Turkey’s trade balance but the balance could be reestablished “thanks to higher exports, tourism revenues and direct investments,” Nebati said.